Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Penalty under s. 270A(1) r/w s. 270A(9)(c) for alleged false expense claims was examined where the underlying addition comprised an ad hoc disallowance sustained at 20% on an estimated basis. Since the income adjustment was purely estimative and did not meet the statutory parameters of "under-reported income" warranting penal consequences, and the AO had not recorded the requisite satisfaction to justify levy under s. 270A, the penalty was held arbitrary and void ab initio. Penalty was quashed and the appeal was allowed. - ITAT
Penalty under s. 270A(1) r/w s. 270A(9)(c) for alleged false expense claims was examined where the underlying addition comprised an ad hoc disallowance sustained at 20% on an estimated basis. Since the income adjustment was purely estimative and did not meet the statutory parameters of "under-reported income" warranting penal consequences, and the AO had not recorded the requisite satisfaction to justify levy under s. 270A, the penalty was held arbitrary and void ab initio. Penalty was quashed and the appeal was allowed. - ITAT
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